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LAHORE:
Austrian Ambassador Axel Wech on Tuesday expressed optimism that Pakistan would very likely win the Generalised System of Preferences (GSP)-plus status in the next European Union-Pakistan Summit.
Speaking at the Lahore Chamber of Commerce and Industry (LCCI), he said that things in this regard were moving in the right direction. GSP is a formal system of exemption from general rules of the World Trade Organisation (WTO).
The Austrian diplomat also said that a number of projects for strengthening Pakistan Railways infrastructure were in the pipeline and with the execution of these projects the trade relations between the two countries were expected to reach new heights.
He said Austrian businessmen were interested in initiating joint ventures with their Pakistani counterparts as the country was fast becoming a hub of economic activities due to its strategic importance and inexpensive raw material and labour.
LCCI President Shahzad Ali Malik invited Austrian businessmen to initiate joint ventures with local industrialists on 100 per cent equity basis. Pakistan offered a liberal investment policy and there was no restriction on sending back the principal amount, dividends, profits and royalties, he said.
Despite the fact that Pakistan had abundant natural resources and skilled manpower, it lacked technology, he said, adding, there were immense possibilities of gains for Austrian investors in Pakistan.
Pakistan likely to win GSP-plus status: diplomat – The Express Tribune
Austrian Ambassador Axel Wech on Tuesday expressed optimism that Pakistan would very likely win the Generalised System of Preferences (GSP)-plus status in the next European Union-Pakistan Summit.
Speaking at the Lahore Chamber of Commerce and Industry (LCCI), he said that things in this regard were moving in the right direction. GSP is a formal system of exemption from general rules of the World Trade Organisation (WTO).
The Austrian diplomat also said that a number of projects for strengthening Pakistan Railways infrastructure were in the pipeline and with the execution of these projects the trade relations between the two countries were expected to reach new heights.
He said Austrian businessmen were interested in initiating joint ventures with their Pakistani counterparts as the country was fast becoming a hub of economic activities due to its strategic importance and inexpensive raw material and labour.
LCCI President Shahzad Ali Malik invited Austrian businessmen to initiate joint ventures with local industrialists on 100 per cent equity basis. Pakistan offered a liberal investment policy and there was no restriction on sending back the principal amount, dividends, profits and royalties, he said.
Despite the fact that Pakistan had abundant natural resources and skilled manpower, it lacked technology, he said, adding, there were immense possibilities of gains for Austrian investors in Pakistan.
Pakistan likely to win GSP-plus status: diplomat – The Express Tribune
